Exhibit 12
PXRE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED
CHARGES AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)
Year ended December 31,
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1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Net income $ 33,301 $ 39,786 $ 34,829 $ 22,645 $ (4,293)
Equity in earnings of minority interest (3,898) (5,948) (4,141) (84) 0
-------- -------- -------- -------- --------
Income before equity in earnings of
minority interest 29,403 33,838 30,688 22,561 (4,293)
Income taxes 15,644 18,189 15,700 11,008 (3,322)
-------- -------- -------- -------- --------
$ 45,047 $ 52,027 $ 46,388 $ 33,569 $ (7,615)
Fixed charges:
Interest expense 6,957 7,143 7,789 2,740 319
Appropriated portion (1/3) of rentals 365 397 308 279 271
-------- -------- -------- -------- --------
Total fixed charges 7,322 7,540 8,097 3,019 590
-------- -------- -------- -------- --------
Earnings before income taxes and fixed charges $ 52,369 $ 59,567 $ 54,485 $ 36,588 $ (7,025)
-------- -------- -------- -------- --------
Preferred dividend requirements $ 0 $ 599 $ 2,005 $ 2,056 $ 1,419
-------- -------- -------- -------- --------
Ratio of pre-tax income to net income 1.53 1.54 1.51 1.49 0.00
-------- -------- -------- -------- --------
Preferred dividend factor $ 0 $ 922 $ 3,028 $ 3,063 $ 1,419
Total fixed charges 7,322 7,540 8,097 3,019 590
-------- -------- -------- -------- --------
Total fixed charges and preferred dividends $ 7,322 $ 8,462 $ 11,125 $ 6,082 $ 2,009
-------- -------- -------- -------- --------
Ratio of earnings to fixed charges 7.15 7.90 6.73 12.12 (11.91)
-------- -------- -------- -------- --------
Ratio of earnings to combined fixed charges and
preferred dividends 7.15 7.04 4.90 6.02 (3.50)
-------- -------- -------- -------- --------
Deficiency in ratio 7,615
Deficiency in combined ratio 9,034
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